freehold

Freehold

A life estate, an interest in land the duration of which is restricted to the life or lives of a particular person or persons holding it, or an estate in fee, an interest in property that is unconditional and represents the broadest ownership interest recognized by law.

In order to be categorized as a freehold, an estate must possess the characteristics of (1) immobility—in the sense that the property must be either land, or some interest derived from or affixed to land—and (2) indeterminate duration.

Determinable freeholds are life estates created by language that provides that the estate is to terminate automatically upon the occurrence of a specified event.

freehold

n. any interest in real property which is a life estate or of uncertain or undetermined duration (having no stated end), as distinguished from a leasehold which may have declining value toward the end of a long-term lease (such as the 99-year variety). (See: leasehold)

According to MP Gareth Thomas, around 30 properties were sold on the new Harrow View West site on a leasehold basis, but subsequent properties on the site were sold as a freehold, often for the same price or even less.

Alok Sharma, the Minister for Housing and Planning, said officials from the Department for Communities and Local Government would contact the Mary Magdalene and Holy Jesus Trust to find a way for the leases to be extended or the freeholds to be sold.

This general shortage of ready to go sites and lack of second hand stock will see industrial and distribution rents and freehold values climb steadily in 2011, providing an opportunity for landlords and developers who can quickly bring the right sites and stock to market to meet the demand," said Mr Dillon.

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